The company will use the money to finance its warehouse expansion plan. The investment assumes significance as it comes after the roll out of goods and services tax ( GST) which is expected to fuel growth in the logistics sector.

The company’s board on Wednesday inter-alia approved allotment of 6,49,311 equity shares, with a face value of Rs 10, on preferential basis to Frontline Strategy, it said in a notice to stock exchanges. The allotment was done at Rs 115 a piece, a 23.8 percent premium to its Wednesday’s closing price of Rs 92.85.
The integrated logistics firm, with interest in surface and air cargo segment had earlier raised Rs.18.73 crore from Frontline Strategy.